Distribution per Unit (“DPU”) declared for
FY2015 was S$0.0524 comprising S$0.0221
IRU + DQG 6
IRU + 7KH
DPU of S$0.0524 was 25.2% lower than the
IPO Forecast mainly due to the issuance of
new Units from the Rights Issue and the
ZHDNHQLQJ RI WKH (XUR DJDLQVW WKH 6LQJDSRUH
dollar since the IPO.
Financial Review &
Capital Management
REVIEW OF RESULTS
In FY2015, IREIT delivered gross revenue of €26.9 million, exceeding the IPO Forecast of €22.5 million by 19.5%. Rental income
IURP WKH ȴUVW SRVW Ζ32 DFTXLVLWLRQ RI WKH %HUOLQ &DPSXV LQ $XJXVW
FRQWULEXWHG WR Ζ5(Ζ7ȇV VRXUFH RI UHYHQXH &RQVLVWHQW
with the gross revenue growth, net property income was 19.7% higher than forecast of €20.1 million. Distributable income
was 18.3% higher than forecast of €17.6 million.
1
7KH Ζ32 )RUHFDVW ȴJXUHV IRU WKH \HDU HQGHG 'HFHPEHU
ZHUH H[WUDFWHG IURP WKH 3URMHFWLRQ <HDU
DV GLVFORVHG LQ WKH Ζ32 SURVSHFWXV GDWHG
$XJXVW
2
7KH 1$9 SHU 8QLW ZDV FRPSXWHG EDVHG RQ QHW DVVHWV DWWULEXWDEOH WR 8QLWKROGHUV DV DW 'HFHPEHU
DQG 'HFHPEHU
DQG WKH 8QLWV LQ LVVXH
DQG WR EH LVVXHG DV DW 'HFHPEHU
RI
'HFHPEHU
GROSS REVENUE (€’000)
FY2015
Actual
26,924
FY2015
IPO Forecast
(1)
22,534
FINANCIAL POSITION
Total assets for the group increased by 52.2% to €466.5
million as at 31 December 2015 from €306.5 million as at
31 December 2014 mainly due to the acquisition of the
%HUOLQ &DPSXV ZKLFK ZDV FRPSOHWHG LQ $XJXVW
$V DW 'HFHPEHU
Ζ5(Ζ7ȇV SURSHUWLHV ZHUH YDOXHG DW
€441.4 million.
Due to the larger Unit base arising from the issuance of
QHZ 8QLWV IURP WKH 5LJKWV ΖVVXH QHW DVVHW YDOXH Ȋ1$9ȋ SHU
8QLW GHFOLQHG WR Ȝ DW WKH HQG RI WKH ȴQDQFLDO \HDU DV
FRPSDUHG WR Ȝ DW WKH EHJLQQLQJ RI WKH ȴQDQFLDO \HDU
Ȝȇ
$V DW
'HF
$V DW
'HF
ΖQYHVWPHQW 3URSHUWLHV
441,400
290,600
7RWDO $VVHWV
466,476
306,514
%RUURZLQJV
197,392
95,359
7RWDO /LDELOLWLHV
215,395
106,540
1HW $VVHWV $WWULEXWDEOH WR
8QLWKROGHUV
251,081
199,974
1$9 SHU 8QLW Ȝ
0.41
0.48
30,000
FY2015
IPO Forecast
(1)
7.01
DISTRIBUTION PER UNIT - S$ cents
8
7
6
5
4
3
2
1
0
FY2015
Actual
5.24
25,000
20,000
15,000
10,000
5,000
0
FY2015
IPO Forecast
(1)
20,067
FY2015
Actual
24,029
NET PROPERTY INCOME (€’000)
30,000
25,000
20,000
15,000
10,000
5,000
0
DISTRIBUTABLE INCOME (€’000)
FY2015
IPO Forecast
(1)
17,572
20,782
FY2015
Actual
25,000
20,000
15,000
10,000
5,000
0
7KH WRWDO RSHUDWLQJ H[SHQVHV RI Ζ5(Ζ7 LQFOXGLQJ DOO IHHV DQG FKDUJHV SDLG WR WKH 0DQDJHU DQG LQWHUHVWHG SDUWLHV IRU )<
amounted to €7,188,000, representing 2.86% of the net assets attributable to Unitholders as at 31 December 2015. There
were no taxation incurred on the real estate assets for FY2015.
18
